peter’s restaurants acquired corner diners. the financial records of corner diners included the following:

Project Description:

problem 8-57b
peter’s restaurants acquired corner diners. the financial records of corner diners included the following:

instructions
1. make the journal entry to record peter’s restaurants’ purchase of corner diners for $2.2 million cash, including any goodwill. show all computations.

2. how should peter’s restaurants account for this goodwill after acquiring corner diners? explain in detail.
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